Strong Weekend Auction Results Not Surprising

Preliminary auction clearance results reported by Australian Property Monitors show a clearance rate in Sydney’s of 84.4% and 75.6% in Melbourne.

Of course this is based on what’s still a relatively small number of auctions as the property market slowly gets back into full swing after the Christmas break.

As you can see from the chart below, these figures are significantly stronger than this time last year and are in line with what we’re experiencing “on the ground” at Metropole.

There are a large number of buyers in both the Sydney and Melbourne property markets, many who have been house hunting since late last year, but currently there is a shortage of good stock available for sale.

According to SQM Research even though the number of Australian residential property listings rose during January, both Sydney and Melbourne recorded falls in the number of properties for the number of properties on offer; falling by 3.4% and 1.9% respectively.

Here are the preliminary auction clearance rates for Saturday 8th February, with revised figures for last weekend:

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au

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